CAPITAL GAIN
This query is : Resolved
26 April 2010
Differential amount received on account of sale of flat before taking actual possession (Rs.5 Lacs were paid as an advance and agreement was entered with the builder, now the said flat is sold for Rs.10 Lacs to new buyer.)
We want to know whether the differential amount will be treated as capital gain or not, as property was sold out within 1 and half year without taking actual possession of the property.
We want to know whether the differential amount will be treated as capital gain or not, as property was sold out within 1 and half year without taking actual possession of the property.
26 April 2010
This is a 'right in a property' and its transfer attracts capital gains tax.
26 April 2010
Even if this not treated as capital gain which is short term in nature, it will be income from other source taxable at the normal tax rate. However I am just giving a new perspective, though I fully agree with BC.
26 April 2010
I belive this is a Short term capital gain and shall call upon the client to pay the same.
Thanks for your prompt response.
Thanks for your prompt response.
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